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Mostest Important caveat from the link: This is not an official St. Louis Fed calculation. The post is titled “back-of-the-envelop estimate of unemployment”, t
by elamje 7y ago
Mostest Important caveat from the link:
This is not an official St. Louis Fed calculation. The post is titled “back-of-the-envelop estimate of unemployment”, the data sources are from two blog posts, and it was written by a researcher on their blog. This is not an official document, and appears that it likely wasn’t vetted.
- 01100011 7y agoIf you believe the conclusion that 50% of small businesses don't have cash reserves for a month(https://news.ycombinator.com/item?id=22719981 https://news.ycombinator.com/item?id=22719981), and ~50% of Americans with jobs work for small businesses, it's not far fetched to think that 25% of people will soon be unemployed. Add in the people working for larger firms, like travel and vacation related firms, and you can easily get to 30% unemployment.
- gullyfur 7y agoSeveral businesses near me immediately announced on social media they were permanently closing for business, the moment the lockdown was announced. They must have been struggling prior to the lockdown and knew there would be no way to recover.